Chile tops GDP per capita
Thursday, 21 September 2006
Thanks to strong economic growth the past two years, Chile is now the country in Latin America with the highest GDP per capita, according to the latest World Economic Outlook from the International Monetary Fund. It has also managed to pass Colombia as the region's fifth-largest economy.
Chile now has a GDP per capita of $8,569, a 20.3 percent increase from 2005. Mexico's GDP per capita is now $7,593, a 4.0 percent rise from 2005, according to an analysis by Latin Business Chronicle based on IMF data for 2005 and 2006.
Measured in overall economic size, Chile now boasts a GDP of $140.4 billion, which is larger than the $129.4 billion economy of Colombia. Chile now only lags behind the Big Three (Brazil, Mexico and Argentina) and Venezuela in GDP size.
The growth in Chile comes despite recent setbacks such as a major strike at the Escondida copper mine in Chile, the world's largest. Yet, economists and investors say Chile's economy remains solid.
"From a fundamental standpoint, the Chilean economy continues to perform very strongly, running both sizeable fiscal and current account surpluses while maintaining its monetary indicators in check, " Bear Stearns analyst Franco Uccelli said.
Source: Latin Business Chronicle